As of today, less than 10% of the necessary solar and wind power needed for a 2050 global net zero scenario exists, whilst global electricity generation will need to more than triple to 80,000TWh, according to the 2022 BloombergNEF (BNEF) New Energy Outlook.
The report outlined two scenarios: a Net Zero Scenario, wherein a feasible, though theoretical, path is mapped to meet the Paris Agreement’s 2050 net zero targets, and an Economic Transition Scenario, which is BNEF’s baseline assessment of how the energy transition might evolve based on cost-based technology changes and assumes no new policy directions towards the energy transition.
Under the Economic Transition Scenario, the decreasing price of solar, wind and battery storage will see market-incentivised renewable energy eliminate around half of the world’s energy-related emissions in 2050, without new legislation. The recent price rises in solar technology due to market instability are forecast to end – indeed last week PV Tech Premium reported that mono wafer and polysilicon prices have begun to fall.
Within this model, solar and wind account for around two-thirds of global power generation by 2050, and represent 85% of power capacity additions added over the next three decades.
Read more: PV-Tech
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